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how long do i have to wait to refinance?

We have a home that weare using as a rental right now because my husband works to far away to live there right now. I have had several lates on the payments as I had lost my job and we are living on husbands income. We have managed to live very lean and pay down and pay off alot of bills. Now we are in a position to make the mortgage payments on time and still have plenty to put into savings for emergency purposes. we have struggled and have finally made it! Now I would like to know how long a bank wants to see current payments for before we can refinance. We have an arm/balloon at the end. Our income is $100,000 plus. We have paid off the vehicles ect. Would like any input. Thank you by jaafer_327_274 from Shelton, Washington. Feb 11th 2012 Reply


Mark Gonzales (mgonza_248_701)
#562 ranked lender in California - 6 contributions

For Conventional lending the banks will like to see not mortgage lates within the last 12 months, and for FHA government lenders they will allow 1 mortgage late within the last 12 months. It seems that you are in your way to recovery financially and that is good! If you have more answers please call Mark at Mission Hills Mortgage Bankers at 909.2223858 or email me at mgonzales@mhmb.com.

Feb 11th 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,904 contributions

The fact that you have worked so hard to pay off all your other debt is commendable. Typically, conventional lenders do not want to see any late payments in the last 12 months, but there can be exceptions with strong compensating factors and a good, logical explanation. I recommend that you work with a local Mortgage Banker/Broker rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Feb 11th 2012
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

Nice job on mananging your finances thru the rough times. Generally 1 x 30 in last 12 months, but again I would seek out a local mortgage broker instead of walking into a bank first as brokers have serveral banks/lenders they work with and have access to a bigger variety of programs that could match your needs...Good Luck

Feb 12th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

The big key is how long has it been since you were more than 30 days late on a mortgage payment?? There's too much information missing to property answer your question, but as far as guidelines go.. if you were more than 120 days late on any mortgage , you will end up having to wait 3 years... Best advice I can give you is to contact a local mortgage broker, not a bank, and apply with them.. they have access to numerous lenders and can find the right lender for your particular scenario... WilliamAcres.com

Feb 12th 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

12 months current and you should be ready to go. I believe interest rates will stay relatively low throughout the balance of this year so you still may be able to do this. FHA might be best as they're a little more lenient re: pricing and credit scores. I wish you well. Feel free to contact me if you have any additional questions. Thanks!Paul

Feb 13th 2012
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Curt Tiedeman (curttiedeman)
#46 ranked lender in Washington - 28 contributions

Great job weathering the storm! FHA requires 12 months of payments paid on time (onwer occupied properties only) and Conventional is typically a minimum of 12, but prefer 24 months. You should contact us when you are close to that 12 month mark to get the process started and before your current loan balloons.Time heals all wounds is the old saying and letting some time go by will help your credit scores which does affect your interest rate.Thanks! Curt Tiedeman206.650.4202www.CurtTiedeman.comRenton, WAWA License: MLO-35554

Feb 13th 2012
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